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Bovis builds on growing home sales as housing market shows signs of life

Guaranteed rent – Bovis builds on growing home sales as housing market shows signs of life

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Bovis Homes yesterday became the latest builder to report upbeat figures as the moribund housing market showed signs of life.

The company said profits jumped 74 per cent last year to £32.1million after revenues increased 22 per cent to £364.8million.

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Bovis sold 2,045 homes in 2011, up from 1,901 in 2010, and the average sales price rose 5 per cent to £180,100.

Chief executive David Ritchie said Bovis benefited from a greater focus on large family homes in the south of England where demand is stronger than elsewhere in the country.

He said Bovis will build ‘substantially more houses’ this year as it recovers but warned that the wider property market remains subdued.

He added: ‘With a backdrop of continuing economic and employment uncertainty, trading conditions are expected to remain challenging during 2012.’

Bovis has taken 320 reservations in the first eight weeks of the year, up 41pc on the same period of 2011. It raised the full-year dividend from 3p in 2010 to 5p in 2011 and shares rose 4.5p to 510p.

Rivals Barratt Developments and Redrow have also posted strong figures in recent days as the industry bounces back from the property crash.

Shares rose 2.75p to 512.75 in morning trading.

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Source: http://www.thisismoney.co.uk/money/markets/article-2107530/Bovis-builds-growing-home-sales-housing-market-shows-signs-life.html?ito=feeds-newsxml

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